We will be talking about the pros and cons of opening a laundromat. Laundromats can be a great way of creating additional passive income for yourself, but just like with any business, comes headaches.
We will be talking about the pros and cons of opening a laundromat. Laundromats can be a great way of creating additional passive income for yourself, but just like with any business, comes headaches.
If you ever thought about getting into the business, this article might give you a broad overview of what to expect. I've owned the laundromat for a couple years.
#1. cash business
You never have to worry about not getting paid or waiting on a check in the mail. Customers are basically renting the machines from you.
#2. recession resistant
Whien the markets go down, business usually stays the same historically no matter what you do. t's essential people always need to wash clothes, so they're always going to be coming to the laundromat no matter if the market is really good, or the market is really bad. So you can always depend on that revenue no matter how the markets doing.
#3. simple business accounting
Its really simple. There's no advanced accounting needed, no cost of goods sold, people come to use the washers and dryers and thats it. Really simple accounting, nothing too complicated. If you have an unattended mat, you have no employee or paychecks, so its really simple especially come tax time.
#4. Easy to multiply
You basically multiply your success once you know the basics of the lundromat business. I own 6 laundromats in manchester nh You can just duplicate what you know if you got something that works. It's really easy to duplicate. As long as you have the cash, its very simple.
Cons of owning a laundromat
The first con would be it's in a really expensive business to get into.... it's probably cheaper to buy a zombiemat, which is basically a laundromat that has been a little bit rundown over the years. It's dirty, there's garbage everywhere, it doesn't go out of business, but doesn't get a lot of business. Creating a store from scratch is gonna cost you hundreds of thousands of dollars. yand if not for somebody that doesn't really know what they're doing, but that's definitely a con.
Con #2.
Its competitive. there's a lot of laundry places in my town of approximately thirty thousand people. There's three laundromats. There was a fourth one, but it set on fire so there's three laundromats now. So one for every ten thousand people, there is a good need for laundry services. If your town doesn't have one, that's probably a good time to build one from scratch. It's a competitive business, so make sure you do your research beforehand.
Con #3.
You kind of have to be the jack-of-all-trades. There's a lot going on in the laundromat business so many things can go wrong at any possible day. So if you're able to fix machines, it's gonna save you a lot of time effort and money.Ynow if the dryer goes down, if it's a simple fix you can just change it out really quick. If you can read schematics, watch youtube videos to learn how things work. It's gonna be a lot easier for you to save money and time and get the equipment up and running. I've hired a lot of professionals to fix on my equipment and they're not cheap. They're not always available right away either. Sometimes they don't even warranty their work.
